Family Exit and Firms’ Investment Efficiency Based on Dynamic Changes: Evidence from Chinese Family Firms

Table 5

Low investment level.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ^∗ post	0.034
	(18.68)
Tra2 ^∗ post		0.017
		(15.74)
Size	−0.070	−0.070
	(−51.14)	(−50.49)
Lev	−0.004	−0.004
	(−12.66)	(−12.93)
Cas	−0.011	−0.011
	(−1.62)	(−1.54)
Ret	0.007	0.005
	(3.76)	(2.90)
Dev	−0.005	−0.012
	(−0.88)	(−1.99)
Roa	0.009	0.004
	(0.97)	(0.41)
Yea	Control	Control
Ind	Control	Control
Are	Control	Control
Con	1.580	1.601
	(56.35)	(56.43)
N	3,903	3,903

t statistics are in parentheses. , , and .